Silver prices surged more than 5% in recent trading, breaking above $80 per ounce once again.

The rally has been driven by China’s restrictions on silver exports, rising demand from green technologies like solar power, and renewed interest in safe-haven assets.

This visualization, via Visual Capitalist's Bruno Venditti, highlights the world’s largest silver-producing countries and shows where global supply is most concentrated.

The data for this visualization comes from the U.S. Geological Survey’s Mineral Commodity Summaries 2025. It presents estimated silver mine production by country for 2024.

Mexico’s Production Dominance

Total world silver production reached roughly 25,000 metric tons in 2024.

Mexico remained the world’s top silver producer in 2024, with an estimated 6,300 metric tons of output. The country has held this position for decades, supported by extensive mining infrastructure and high-grade deposits. Notably, Mexico produces far more silver than its reserve share might suggest, holding only about 6% of the world’s known reserves.

China and Peru Anchor Global Supply

China ranked second globally, producing around 3,300 metric tons of silver in 2024. Much of this output comes as a byproduct of large-scale base metal mining, particularly lead and zinc.

Peru followed closely with approximately 3,100 metric tons, reinforcing South America’s importance in global silver markets.

Together, these three countries accounted for more than half of global silver production.

Beyond the top producers, countries such as Bolivia, Poland, Chile, Russia, and the United States each produced between 1,100 and 1,300 metric tons. Australia, Kazakhstan, Argentina, and India also contributed meaningful volumes.

Despite this diversity, the silver market remains tight. Strong demand from solar panels, electronics, and electrification is expected to keep the market in a deficit, putting upwards pressure on silver prices.

If you enjoyed today’s post, check out All of the World’s Oil Reserves by Country, in One Visualization on Voronoi, the new app from Visual Capitalist.